New job before closing on our mortgage?

Question

Background, wife and I signed our agreement of sale back in May, commitment was done in July, closing is scheduled for November 15. I work in the commercial real estate business, I have been with my current employer for a tick under 2 years. Colleagues of mine from prior jobs are having me come back in tomorrow to their real estate company after meeting and discussing comp requirements last week if I was to come over. Same industry, similar job title, more pay, would changing to the new job before closing be an issue? Havent discussed yet with my mortgage guy, want it to be more concrete first.

I would be going from a salaried position to another salaried position.

Answer 1

depends....if you're going from salary to commission than it's a problem.
if it's salary to salary...or commission to commission then it's no problem. the same if you were goin commission to salary.

Answer 2

You're going to need someone with a "make sense" attitude in Underwriting. People who work on commission are usually assigned an income using a 24month average. YOur current lender probably made a case for approval based upon yet history and the fact that you are in the same field. They may have a case fo that argument this time but to be prepared you might want to be ready to explain why you are going back to a company for which you previously worked when, in all probability, the previous case ws made that you were leaving your employer because of the prospect of increased commission income based upon something or other or an offer of a more responsibility (job title, management position, etc.) Otherwise the question is going to be why are you going back to a place tht you left? If you can make a case that your income will be increased by going back due you your compensation negotiation.


Talk to your lender before making a decision so that you may negotiate a start date post closing if changing earlier will impact your loan.

FYI for everyone, one of the biggest "don't" in mortgage lending is changing jobs mid process unless you talk to your rlender first. This type of thing can blow a transaction right out of the water.

Answer 3

If you are salaried, then there is no problem.

Here is the documentation that you will need:

1) The written offer from the company, stating the salary and the start date.
2) A letter stating that you are NOT in a probationary period.
3) The job title and description
4) Contact information

If your mortgage guy freaks out, demand that he runs it by the underwriter. This is a common thing for upper-level positions, and even something that is specificall allowed with most investors.

Answer 4

Best thing would be postpone changing jobs until after the closing. If that is not possible, and you're going into a salaried position, let your LO know ASAP. A new job verification will need to be done and the lender will want to see a copy of your 1st paycheck - so be careful not to put yourself in a situation where you cannot provide a pay stub until after the close date. As long as you'll get paid prior to closing and allow time for the pay stub condition to be cleared and docs to be prepared you will be fine.

Answer 5

Same thing happened to me. As long as you stay in your field and dont decrease earnings you are good to go!! If you were to start your own business or start over with a different career they get concerned.
Good luck and congrats

Answer 6

As long as it is in the same industry, same basic job and more pay, it should be no problem.